AI-powered PCs drive Q1 2024 growth, set to fuel further expansion.

Global PC shipments experienced a surprising 3% year-over-year growth in the first quarter of 2024, with Lenovo reclaiming its position as market leader and the rise of AI-powered laptops expected to drive further growth throughout the year.

Surprising growth of 3% year-over-year in the first quarter of 2024
Expected continued growth throughout the rest of 2024
Anticipated rise of AI-powered PCs and generative AI laptops

According to the latest data from Counterpoint Research, global PC shipments experienced a surprising growth of around 3% year-over-year in the first quarter of 2024. This positive trend comes after eight consecutive quarters of decline, which were primarily caused by a slowdown in demand and inventory corrections. It’s worth noting that this growth is based on a relatively low shipment volume in the first quarter of 2023.

Looking ahead, the PC market is expected to continue its upward trajectory throughout the rest of 2024, with sequential shipment growth leading to a projected 3% year-over-year growth for the full year. This growth can be attributed to several factors, including the momentum of AI-powered PCs, recovery in shipments across various sectors, and a fresh replacement cycle.

In terms of individual brands, Lenovo stood out in the first quarter of 2024, with an impressive 8% increase in PC shipments compared to the previous year. This allowed Lenovo to reclaim its position as the market leader with a 24% share, up from 23% in Q1 2023. On the other hand, HP and Dell experienced relatively flat growth, with market shares of 21% and 16% respectively. These brands are eagerly awaiting shipment growth driven by the North American market in the coming quarters.

Apple also demonstrated resilience in its PC shipments, achieving a modest 2% growth primarily supported by its M3 base models. Looking ahead, 2024 is expected to mark the beginning of the AI PC era, as 45% of the new Laptops shipped during the year will be AI-capable. Senior Analyst William Li commented on the rise of generative AI laptops, stating that the shipment and deployment of such devices will accelerate in the next couple of years, along with emerging generative AI functions and use cases supported by advancements in processor platforms.

With inventory levels normalizing and the end of the replacement cycle following the surge in demand during the COVID-19 pandemic, AI laptops are anticipated to act as a catalyst for the overall recovery of the PC market in 2024. Manufacturers are expected to heavily promote AI PCs as their flagship products in the second half of the year, coinciding with the launch of system-on-chips (SoCs) featuring higher tera operations per second (TOPS) by semiconductor companies.

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Background Information

About Apple:

Apple Inc., known for its iconic products, was founded by Steve Jobs, Steve Wozniak, and Ronald Wayne in 1976. The company has since revolutionized the technology landscape with innovations like the Macintosh computer, iPod, iPhone, iPad, and more. for its emphasis on design, user experience, and ecosystem integration, Apple's devices and software have made a profound impact on various industries. With a commitment to quality and innovation, Apple remains a global technology leader.

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About Dell:

Dell is a globally technology leader providing comprehensive solutions in the field of hardware, software, and services. for its customizable computers and enterprise solutions, Dell offers a diverse range of laptops, desktops, servers, and networking equipment. With a commitment to innovation and customer satisfaction, Dell caters to a wide range of consumer and business needs, making it a important player in the tech industry.

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About HP:

Founded by Bill Hewlett and Dave Packard in a garage in 1939, HP (Hewlett-Packard) is a global technology giant known for its pioneering innovations in computing and printing technology. With a legacy of over eight decades, HP has consistently delivered a wide range of high-quality products and services, including personal computers, printers, servers, and software solutions.

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About Lenovo:

Lenovo, formerly known as "Legend Holdings," is a important global technology company that offers an extensive portfolio of computers, smartphones, servers, and electronic devices. Notably, Lenovo acquired IBM's personal computer division, including the ThinkPad line of laptops, in 2005. With a strong presence in laptops and PCs, Lenovo's products cater to a wide range of consumer and business needs. Committed to innovation and quality, Lenovo delivers reliable and high-performance solutions, making it a significant player in the tech industry.